Chainlink (LINK) is currently trading at $8.74, reflecting a minor decline of 0.99% over the last 24 hours. The daily price range has been relatively tight, with a high of $9.02 and a low of $8.73, indicating low volatility in the short term.

Volume has been robust at approximately 329.99 million, representing 5.33% of its market capitalization. However, the trading activity appears muted given the recent 7-day and 14-day price changes of -6.14% and -25.99%, respectively, signaling bearish sentiment over these periods.

Technical indicators show a concerning trend as the hourly moving averages are all trending downward, with the 8 SMA at $8.82 and the 144 SMA at $8.96. The 1-hour RSI of 42 and 7-day RSI of 46 suggest that LINK is approaching oversold territory but has not yet confirmed a bullish reversal.

With the current price significantly below the 30-day average price change of -33.3%, market participants may be hesitant to initiate new positions. The All Time High of $52.7 achieved in May 2021 seems distant, raising questions about the long-term sustainability of LINK's price recovery.

Given the current downward momentum, coupled with bearish signals from moving averages and RSI indicators, the outlook for Chainlink remains cautious. Therefore, the recommendation is to Hold LINK at this time, as potential further downside may exist before a clearer bullish trend is established.